IB: Several seconds after cancelling an order...

Discussion in 'Retail Brokers' started by Option Trader, Oct 24, 2006.

  1. We cancelled an order in to buy 10k shares of a stock as it was nearing the close of the day and could not hold the position, and did not want to hold the position over night. The order had already disappeared from the screen, when suddenly heard a beap, indicating the order went through, and had to sell at a loss. Emailed IB and am waiting to see if they cooperate to arrange to bust the trade. I know Thinkorswim, Choicetrade, and a number of other brokers would do whatever they can to help a customer bust a wrongul trade.
     
  2. liulala

    liulala

    Did you get filled at NYSE or AMEX?

    This happed to me a lot for nyse and amex order. But I have never complained. NYSE and Amex sucks. It may not be IB's fault.

     
  3. NYSE.
    I've seen this happen on NYSE with "filling" orders, but never with "cancelling" orders. In addition, I saw with my own eyes that the order was totally off the screen for 2-3 seconds.

    Will IB help a customer bust a trade?
     
  4. JackR

    JackR

    Look at your audit trail. It can be found under View on the top level menu.

    You should see a "Cancel Order" entry when you entered the cancel and that should be followed by a Cancelled entry. If the Cancel is there IB will probably get things straightened out. Also see the thread below.

    The thread covers what appears to have happened to you (I'm guessing). It gets a little abusive in spots but the info is there.

    http://www.elitetrader.com/vb/showthread.php?s=&threadid=68101&highlight=cancel+red

    Jack
     
  5. From what I've seen the fastest way to get a fill at the NYSE, is to hit CANCEL! :p

    TWS was just a little slow, probably...


    good trading to all :cool:
     
  6. Thank you Jack for this info. I pasted and sent the audit trail to IB.

    The audit trail shows the request to cancel was received two seconds before the fill.

    CancelOrder
    MsgType OrderCancelRequest
    SendingTime 20061024-19:27:06

    Filled
    SendingTime 20061024-19:27:08
    OrdStatus Filled
    Side Buy
    ExDestination NYSE
    SecurityExchange NYSE
    OrderQty 10000

    Do you know if that means that NYSE received the request two seconds before? (It seemed to me about 3-5 seconds since the cancellation was actually sent to IB.)
     
  7. liulala

    liulala

    agree, many times I wait and wait for a fill, after i get impatient, and hit cancel, my order get filled

     

  8. that's correct.

    option trader, that's the norm on nyse, it happens all the time to me, sometimes can be good most times not.
     
  9. Shocking stuff.

    In checking the audit trail, the gap of time between the request and "Place order" and "Acknowledged" is zero to one second, throughout the report (a long report), say an average of 1/2 second. Suddenly, this one, the biggest of them all, was not acknowledged even two seconds later!
     

  10. typical. can pass even more...like 10-20 sec after hittin' cancel and u still can get a fill. ib got nuttin' to do with it.
     
    #10     Oct 24, 2006